Business and Corporation Law Assignment Sample

Added on - 19 Feb 2021

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BUSINESS LAW
Table of ContentsPART 1: CONTRACT LAW..........................................................................................................3ISSUE..........................................................................................................................................3RULES........................................................................................................................................3APPLICATION:.........................................................................................................................4CONCLUSION...........................................................................................................................5REFERENCES................................................................................................................................6PART 2: CORPORATION LAW....................................................................................................7ISSUE..........................................................................................................................................7RULES........................................................................................................................................7APPLICATION..........................................................................................................................8CONCLUSION...........................................................................................................................9REFERENCES..............................................................................................................................10
PART 1: CONTRACT LAWISSUEThe case is between the Frederick Forthryrt and the publishers which are readyto publishing his second book, The Fourth Pretzel. As the issue is determined inrespective of publishing the second book and the satisfaction regarding payment. Firstlyto introduce his first book in market, Forthryrt enters into the contract with the MetroPublishers regarding publishing his first novel, The Day of the Yokel. But due to notgetting the Better treatment Forthryrt change the mind to publish his second novel withMetro publishers. Forthryrt met with Boswold which is the chief editor of the BoswoldBooks. After agreeing with all the condition which is given by Boswold regardingpublishing his second book, the deal is settled under 40 grand. As it is stated that theyboth agree with the terms which is stated by Boswold. On 3rdmarch, Metro publishercall Forthryrt regarding publishing the second book and the deal which they offer isaround $50,000.On 10thmarch Forthryrt receive a letter from the Boswold regarding enclosing thestandard contract form. As by having the standard contract form resulting in having theweaker option or terms in respect of entering into contract. As Forthryrt didn't accept theoffer as they are paying 40 grands. Thus, the demand is raised regarding increasing thepaying offer which is increased by 5000. On accepting the contract which is made byBoswold, Forthryrt met Pickwick a well established publishers ready to publish theForthryrt second book and would pay $45,000. As Pickwick carries a renownedreputation and also respect the success of the authors, thus, Forthryrt deal withPickwich regarding publishing his second novel. The issue which is examined isregarding to the term and condition of the contract which is bound on parties to follow it.RULESUnder the contract law, it is the agreement which is made between the partiesregarding entering into any activity and both the parties are bound to follow suchcontract until it become void. There are major essential elements which is madebetween the parties regarding entering into contract such as firstly the agreementwhich is made between the parties and they are legally formed. The second element isrelating to the consideration as contract is terms of some monetary amount or in
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